Countries in acute payments difficulties generally seek the support of the International Monetary Fund. IMF credits are granted subject to compliance with economic conditions that have repeatedly given cause for criticism. The two articles that follow, by Jörn Altmann and Joachim Betz, examine...

The classical approach towards adjustment has proved to have considerable shortcomings, particularly in connection with supply response issues and the conditions for re-establishing sustainable growth. The following article concludes that sustainable stabilisation and adjustment require a...